Lingyuan Steel posts net profit for H1

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Publish time: 16th July, 2013      Source: ChinaCCM
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On July 13, Liaoning Province-based Chinese steelmaker Lingyuan Iron and Steel Co. announced an estimated net profit for the first half of this year in the range of RMB 30-40 million ($4.9-6.5 million), compared to a net loss of RMB 232 million in the same period of last year.

Lingyuan Steel stated that the main factor contributing to its profitability was the RMB 31.8 million ($5.16 million) received in local government subsidies by its wholly-owned subsidiary Beipiao Steel Pipe Co., which was included in the subsidiary company's operating revenue.

In addition, on June 25 Beipiao Steel Pipe received another subsidy worth RMB 350 million ($57 million) from the municipal authorities in Chaoyang in Liaoning, though this subsidy was not included in the operating revenue for the first half of the year.